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New Chapter for Phoenix Sheraton Grand Hotel Following $255M Sale to Marriott
The 1,000-room Phoenix Sheraton Grand Hotel is being sold for $255 million to Marriott International and a group of investors that includes TLG Investment Partners and Concord Wilshire Capital. The 33-story property in downtown at Van Buren and Third streets is owned by the city of Phoenix.
The city paid $350 million to develop the property a decade ago, though was seeking to unload it for several years. The new owners plan to complete a renovation of the urban hotel, including revamping the rooms and the 114,000-square-feet of indoor and outdoor meeting space.
Marriott International’s Arne Sorenson says, “The hotel will provide a living and breathing showcase of our new vision for the Sheraton brand, underscoring our commitment to restore the brand to its leadership position.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition